Transfer Cash ISAs Discussion Area

gavsky

Update: Santander have capitulated. Possibly once I got Resolver.com involved, along with the threat of the Financial Ombudsman, hard to say which tipped the balance. Regardless, they've not only admitted fault, they are adding on interest lost as a result, and a small amount on top as general compensation.

gwapenut

Well done and thanks for updating us. I have to say, I'm surprised, but it was always worth a shot.

Good for you and useful for us to know the result.

afmfifgh

Well done! There was no harm in trying, only your time and you have ended up with a great result. But I would refrain from post dating forms in the future and instead use the appropriate tick box.

Well done.

dw96

I'm sure this has been answered already in this thread but I cannot find it.

As the title says, if my fixed term ISA would expire on (let's say) July 31, when could I apply for a transfer without risking a penalty for transferring out was it still in its fixed period? Would it be on the day, i.e. July 31? Or before then?

I believe that if I've got a one year fixed term contract with my energy supplier, I can apply to transfer any time within the last 49 (41?) days without risking any exit penalties.

Many thanks for any help!

-- Edit --

Many thanks badger09, I had forgotten that bit of the transfer form.

badger09

dw96 wrote: »

I'm sure this has been answered already in this thread but I cannot find it.

As the title says, if my fixed term ISA would expire on (let's say) July 31, when could I apply for a transfer without risking a penalty for transferring out was it still in its fixed period? Would it be on the day, i.e. July 31? Or before then?

I believe that if I've got a one year fixed term contract with my energy supplier, I can apply to transfer any time within the last 49 (41?) days without risking any exit penalties.

Many thanks for any help!

I'm not aware of any rule similar to the one you mention in respect of your energy supplier.

There will be an option on the transfer form to specify that the transfer should take not place before the maturity date. As long as you select that option, and keep a photocopy of the completed form, you should be fine to send it now.

If 31 July was just a 'for instance' date, I would say that, having done what I suggested above, you could send the form up to a month before the maturity date. I personally wouldn't risk sending it any earlier than that.

murphydavid

dw96 wrote: »

I'm sure this has been answered already in this thread but I cannot find it.

As the title says, if my fixed term ISA would expire on (let's say) July 31, when could I apply for a transfer without risking a penalty for transferring out was it still in its fixed period? Would it be on the day, i.e. July 31? Or before then?

I believe that if I've got a one year fixed term contract with my energy supplier, I can apply to transfer any time within the last 49 (41?) days without risking any exit penalties.

Many thanks for any help!

-- Edit --

Many thanks badger09, I had forgotten that bit of the transfer form.

In my experience when a fixed term ISA expires the company holding it will automatically transfer it into an instant access ISA so the money does not loose its ISA status.
As I have heard of people having problems with accidental early transfers (even when they tick the correct boxes) and then hassle sorting it out. For the few pence interest you will loose I would let it go past the expiry date a couple of days before instructing them to transfer it to a new bank.

mervyncp

Is it worth taking the money from my 20K ISA paying 1.25% and putting it all in a Santander 123 current account which is paying 3% gross. In my maths head that works out at 2.4% net as I'm a std rate tax payer. I know this takes the money out of the ISA tax free umbrella, but it seems to make good financial sense to me. I can easily comply with the terms of the 123 account. Am I missing something???

Archi_Bald

I don't think you are missing anything much. Lots of people are doing similar. Martin Lewis has even written a blog on it.

http://www.moneysavingexpert.com/news/banking/2015/02/should-i-save-in-santanders-123-account-or-put-the-money-in-a-cash-isa

If you have £20Kish, adding one or two other current accounts, and/or some Regular savings accounts, could make you even more.

Lots of info about these sorts of thing on the fourm.

afmfifgh

mervyncp wrote: »

Is it worth taking the money from my 20K ISA paying 1.25% and putting it all in a Santander 123 current account which is paying 3% gross. In my maths head that works out at 2.4% net as I'm a std rate tax payer. I know this takes the money out of the ISA tax free umbrella, but it seems to make good financial sense to me. I can easily comply with the terms of the 123 account. Am I missing something???

One thing to note is that you can't ever make up those contributions in the future. But with the allowance now being £15,000+ a year if you won't be using that allowance next year or in the future you can soon get it back in.

Also from next tax year aren't you going to be allowed to take the money out of the ISA but still be able to put it back in in the same tax year. So if that is the case, as soon as the new tax year starts you could take the money out put it in a Santander 123 account for the rest of the year and then pay it back into the ISA just before the end of the tax year and maintain the tax free status of the money for the future.

Obviously different accounts are likely to have different T&C's.

fmmendo

Hi, quick question

I opened a S&S ISA last year, which I filled up, and I'm in the process of filling up this year's allowance there. I also have an older Cash ISA with Barclays which is now yielding very little interest that I would like to transfer elsewhere. As far as I can tell from looking online (currently looking at the virgin money offering) I would need to open an ISA and then request a transfer.

Is that how it would work? and would I still be able to continue paying in to my existing S&S?

Thanks